Universal Corporation Announces Universal Ingredients Leadership Transition Plan

Patrick O’Keefe Announces Retirement; Leadership Transition Process Underway

RICHMOND, Va.--(BUSINESS WIRE)--Universal Corporation (NYSE: UVV) ("Universal" or the "Company"), a global business-to-business agriproducts company, today announced that Patrick (Pat) O'Keefe has notified the Company of his intention to retire from his positions as Vice President, Ingredients for Universal Corporation and Senior Vice President, Universal Ingredients.

The Company has engaged an executive search firm and initiated a process to identify Mr. O’Keefe’s successor. Mr. O'Keefe will remain in his current role until a successor is appointed and will subsequently provide support to ensure a smooth transition process.

Preston D. Wigner, Chairman, President and Chief Executive Officer of Universal, stated, "Pat has played an important role in shaping Universal Ingredients into the business it is today. During his six-year tenure, the business expanded its capabilities and resources through acquisitions and strategic investments, advanced new commercial strategies, and established a stronger foundation for sustained long-term value creation. As we begin the search for his successor, we see an opportunity to build on this progress and identify a leader who can guide Universal Ingredients through its next phase of growth. On behalf of everyone at Universal, I want to thank Pat for his many contributions to the Company."

Mr. O'Keefe stated, "After considerable reflection, I believe this is the right time for me to retire and support the transition to the next generation of leadership for Universal Ingredients. I am proud of what our team has accomplished over the past six years to build a stronger, more capable business positioned for long-term success. Universal Ingredients is entering its next chapter with a solid foundation to support future growth. I look forward to supporting the Company and its next leader through a successful transition."

Universal Ingredients will continue to operate under its current leadership team while the search process is underway. The Company remains focused on serving customers, supporting employees, and executing its strategic growth objectives.

About Universal Corporation

Universal Corporation (NYSE: UVV) is a global agricultural company with over 100 years of experience supplying products and innovative solutions to meet our customers’ evolving needs and precise specifications. Through our diverse network of farmers and partners across more than 30 countries on five continents, we are a trusted provider of high-quality, traceable products. We leverage our extensive supply chain expertise, global reach, integrated processing capabilities, and commitment to sustainability to provide a range of products and services designed to drive efficiency and deliver value to our customers. For more information, visit www.universalcorp.com.